Monday, November 29, 1999

ADAG firms up stake in Fame India to 15.55 pc

Mumbai, June 18 (PTI) Anil Ambani group company Reliance MediaWorks today said it along with two other group firms has purchased another 0.21 per cent stake in Fame India, hiking their combined stake in the multiplex chain to 15.55 per cent. Three Anil Ambani Group (ADAG) companies -- Reliance MediaWorks, Reliance Capital and Reliance Capital Partners -- acquired 72,627 shares, or 0.21 per cent stake, of Fame India through open market transactions, Reliance MediaWorks said in a filing to the Bombay Stock Exchange. The acquisition of shares was made on June 17, multiplex chain Fame India said in a filing to BSE. Post purchase, the combined holding of the ADAG companies in Fame India stands at 15.55 per cent. ADAG firms purchased shares at an average price of Rs 83.29 a piece and the highest price paid was Rs 83.40, the disclosure said. ADAG firms, on June 11, had acquired a 0.06 per cent stake to raise holding in Fame India to 15.34 per cent. Reliance MediaWorks, which is in competition with theatre chain Inox for acquiring majority stake in Fame India, has made a Rs 180-crore open offer at Rs 83.40 a share to raise its holding to 52.72 per cent in Fame. Inox Leisure Ltd, venture of the Inox Group into entertainment, holds 51 per cent stake in Fame India and has made an open offer for an additional 20 per cent at Rs 51 per share. Reliance MediaWorks operates BIG Cinemas, the country''s largest cinema chain. Reliance MediaWorks was quoting at Rs 224.40 on BSE in morning trade, up by 0.79 per cent, while Fame India was trading at Rs 82.30, up 0.92 per cent on BSE..